Raleigh Housing Market

Homebuyers in Raleigh had more choices in July as inventory continued to grow and homes took longer to sell. At the same time, sales fell from a year ago, and home prices posted another annual decline.

Home sales in Raleigh fell 7.1% in July compared to a year earlier, the second-largest decline among the nation's 40 largest housing markets. The drop also ended a four-month stretch of annual sales volume gains.

Nationally, home sales rose 2.9%. Sales increased in 26 of the top 40 markets, including nearby Charlotte and Richmond.

The slowdown came even as Raleigh continued to attract new residents. According to the latest U.S. Census Bureau data, Raleigh was the fastest-growing major metro area in the country in percentage terms from 2024 to 2025.

For buyers, the softer demand may create less competition than they faced over the last few years.

The number of homes for sale in Raleigh continued to climb. About 5,670 homes were on the market in July, up 5.8% from a year earlier.

Inventory has been rising for an extended period, though the pace has slowed. July marked the third straight month that inventory growth stayed below 10% year over year. Before that, inventory had increased by at least 10% annually for 16 consecutive months.

Homes also spent more time on the market. The median number of days on market rose 6.3% from a year ago to 68 days. That was the third-highest increase among the top 40 markets.

More inventory and longer selling times can give buyers more negotiating power, while sellers may need to be more patient when listing their homes.

View the latest homes for sale in Raleigh.

Raleigh home prices fell again in July. The median home price dropped 3.5% from a year earlier to $439,266, marking the third consecutive month of annual declines.

Price trends varied by property type. Single-family home prices fell 2%, while townhome prices dropped 5.7%. Condo prices moved in the opposite direction, rising 6.5%.

Across the country, home prices increased 2.6% during that time. Raleigh posted the second-steepest annual price decline among the top 40 U.S. markets.

For now, Raleigh buyers have more options, less competition, and lower prices than they did a year ago.

The median home sale price in Raleigh decreased by 3.5% compared to the same time last year, while the national median price rose by 2.6%.

Raleigh median home prices decreased by $15,735 year over year on a nominal basis in July to $439,266. Meanwhile, the national median home price increased by $10,000 to $400,000.

Raleigh was the 20th highest-priced housing market among the top 40 largest markets last month. The Raleigh median home price of $439,266 was 9.8% above the national median home price. Raleigh's median home price in July compares to the market's peak of $459,800 recorded in June of 2025.

The median price of Raleigh single-family homes fell by $10,000 over the past year to $490,000, while the median townhome price declined by 5.7%, and the median condo price rose by 6.5%.

The number of homes for sale in Raleigh increased by 5.8% in July compared to the same time last year, while national homes for sale rose by 4.4%.

Raleigh homes for sale rose by 311 year over year in July to 5,670 homes for sale. Raleigh ranked 19th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in July.

Raleigh homes for sale were below their pre-pandemic levels in the month of July. Raleigh homes for sale were 27.1% below the July 2019 total of 7,783.

Raleigh single-family homes for sale grew by 4.1% to 4,307 in July. In comparison, townhomes for sale rose by 9.1% to 1,078, and condos for sale increased by 21.3% to 285.

The number of home sales in Raleigh decreased by 7.1% in July compared to the same time last year, while national home sales rose by 2.9%.

Raleigh home sales declined by 154 year over year on a nominal basis in July to 2,012. For context, 2,166 sales closed in Raleigh in July 2025.

Raleigh ranked 39th for the annual change in home sales out of the top 40 U.S. markets in July on a percentage basis. This year's July decrease of 7.1% compares to the 13.8% year over year increase in July 2025.

Raleigh single-family sales decreased by 7.4% in July to 1,573. In comparison, townhome sales fell by 7.9% to 372, and condo sales rose by 6.3% to 67.

For questions and commentary about this report:

Nick Leverett, Director of Market Analytics at CoStar and Homes.com, based in Raleigh, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Nick Leverett

Director of Market Analytics

Homes.com

nleverett@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Raleigh during July 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Days on Market

The median number of days from initial listing to closing of properties whose closing occurred during the month. This data includes detached, attached, and condominium homes. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Months of Supply (MOS)

Months of Supply (MOS) is equal to active listings divided by homes sold in a given month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Sale to List Price Ratio

The sale-to-list price ratio is the ratio of the sale (closing) price to the original list price, whose closing occurred during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.